Strong employment could make Queensland a commercial hot spot

By Greg Bell

Knowing there are strong employment prospects in an area can be a major bonus for companies, which is why there's potential for office leasing on the Gold Coast to be in even higher demand. Official jobless figures have been released by the Australian Bureau of Statistics (ABS) in recent days, and they show just how well the Sunshine State is performing.

How strong are Queensland's job figures?

Over the course of February, the ABS revealed that the Queensland unemployment rate was down from 6.2 per cent to 5.8 per cent from the previous month. An additional 4,100 full-time jobs were created over the course of the month, bolstering people's employment prospects even further.

Underemployment is an issue that's been hotly debated over recent months. This occurs when people are in jobs that don't make the most of their time or skills – such as taking on a part-time role when they would realistically be able to work full-time hours.

The ABS also shed light on how this particular aspect of the employment landscape performed over the course of February. In trend terms, the number of monthly hours worked increased 0.15 per cent from January levels.

"The trend underutilisation rate, which is a quarterly measure that includes both unemployment and underemployment, decreased by 0.1 percentage points to 14.2 per cent," said general manager of the ABS' Macroeconomic Statistics Division Bruce Hockman 

"This decrease was observed for both males and females, predominantly reflecting decreased unemployment for males and decreased underemployment for females."

Where are new jobs being created?

Queensland has recently reached a turning point. Not only has the unemployment rate fallen, but there's also the results of the latest mayoral and councillor elections to consider.

Premier Annastacia Palaszczuk recently renewed her pledge of continuing to create jobs throughout the entire state. This will be achieved by working closely alongside local councils and governments to make sure projects are given the support they need and local workers provided access to jobs as and when they become available.

Several funds have been set up to help this ambition become a reality. Among those that could ultimately benefit commercial property on the Gold Coast are access to the $70million critical regional infrastructure fund.

Money is also being made available through the $180million Significant Regional Infrastructure Projects Program, which falls under the State Infrastructure Fund. This is designed to bring notable infrastructure projects needed by communities throughout the state, while generating jobs and supporting the economy.

Queensland treasurer Curtis Pitt explained that there is no shortage of reasons for optimism across the state. Private sector investment is being encouraged across a number of different projects, which have the potential to bring new jobs as a direct result.

"We have three job-creating Market-Led Proposals now moved from initial assessment to the detailed assessment stage – the Logan Motorway Enhancement project, the Brisbane International Cruise Ship Terminal; and the Queensland Aquarium and Maritime Museum project proposed for South Bank," noted Mr Pitt.

How can my business invest in Queensland?

It's evident that Queensland is the place to be at the moment. With strong job prospects and several major projects in the pipeline, there's perhaps no better time to see exactly what the state has to offer.

Get in touch with our team for more information about leasing commercial property in Surfers Paradise, or perhaps even buying some real estate of your own. Interest in this part of the country is only likely to rise, so making a well thought out investment sooner rather than later could work in your favour.

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